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Accounting advisory: What you need to know

ThomsonReuters

In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. But what does accounting advisory mean and how can your firm take advantage of this unique opportunity to showcase your knowledge and build deeper relationships with your clients?

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Elevate your firms advisory services

ThomsonReuters

Accounting professionals have long been trusted advisors for their clients. That relationship was shifted into higher gear by the onset of the COVID-19 pandemic as many companies turned to their tax and accounting professionals to help keep their businesses afloat. Is your firm among them? What are the paths to advisory services?

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How to Confidently Implement Strategic Advisory Services, and Get Your Boss On Board

ThomsonReuters

Whether you’ve read about it in industry publications, heard about it at trade conferences or discussed it with your peers, you know that more and more firms are shifting away from compliance-based practices in favor of higher-value advisory services. You see the value in investing in the solution, but will your boss?

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The benefits of the shared accounting inbox for AR and AP

Lockstep

If you manage accounts receivable (AR) and accounts payable (AP) for your business, you know how important it is to have a system in place to keep track of all incoming and outgoing payments. A shared accounting inbox can be a great way to do this, as it allows both AR and AP managers to see all payments in one place.

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How do you audit crypto? It starts with understanding how to report on it.  

ThomsonReuters

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. With more than 50 million taxpayers answering ‘Yes’ to the IRS Virtual Currency question on the front page of the 1040 form on their 2021 tax returns, there is a pressing need for immediate access to tools for cryptocurrency tax preparation. .

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Can you express your strengths as impactful insights – or do you sound just like every other accountant?

Mark Lee

A common mistake made by lots of accountants is to accept the common assumption that accountants are pretty much interchangeable. This is a common misconception based largely, I think, on the fact that the output of an accountant’s work is often pretty much the same in terms of accounts and tax returns.

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IRS launches Operation Hidden Treasure and the implications for CPAs

ThomsonReuters

It’s been well reported in cryptocurrency circles that Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” at a recent Federal Bar Association virtual tax conference. 2014 – IRS Notice 2014-21 states virtual currencies are property for federal tax purposes.

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